Advanced analytics is driving disruption across many industries. It provides the capability for organizations to gain a competitive advantage within their industry. To compete effectively with others in their vertical market, organizations need to move beyond historical, rear-view understandings of business performance and customer behavior and become more proactive. Organizations want to gain information and insight from data that enables them to detect patterns and trends, anticipate events, spot anomalies, forecast, and learn of changes in customer behavior so that actions can be taken that lead to desired business outcomes.
Advanced analytics is not a new concept but it is a technology whose time has arrived. A variety of market forces have joined to make this possible, including an increase in computing power, a better understanding of the value of technology, and the advent of big data. Companies are looking to use the technology to predict trends and understand behavior for better business performance. Companies are deploying advanced analytics against their big data. Advanced analytics is also being operationalized as part of the business process. Advanced analytics enables organizations to go beyond the analytic complexity limits of many online analytical processing (OLAP) implementations. It is evolving from a specialized activity once utilized only among elite firms and users to one that is becoming mainstream across industries and market sectors.